Archway Fund recently financed a $1,000,000, 2nd TD, acquisition loan secured by a 17,000 SF strip center located in North Hollywood, CA. Sponsor had a ground lease on the property with a purchase option at a below market rate. Therefore, Archway Fund was able to secure the purchase with a 2nd TD loan at a 93% CLTV. Sponsor chose Archway Fund due to their requirement for a lender with a non-bureaucratic approval process, ability to close in 7 days and no appraisal required.
Loan Terms: 2nd TD, 12% IO, 6-months, 93% CLTV